Apple may finally do something big with some of its $137 billion cash pile, said Bill Miller, portfolio manager of Legg Mason Capital Management.
"I do think they are going to do something fairly dramatic on capital allocation," Miller said on CNBC's "Squawk Box" on Friday. "I talked to them about this a few weeks ago. They are actively, as they said, 'soliciting input.'"
Miller said he cut his position in Apple "close to the highs" last fall, but is now overweight on Apple.
It's almost been one year since Apple announced its plan to distribute $45 billion during a three-year period on quarterly dividends and share repurchase program, and there's speculation that the iPhone maker may soon announce another dividend.
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According to a report from AppleInsider, Topeka Capital analyst Brian White said earlier this week that he believes Apple is in a good position to deploy more cash.
(Read More: Why I Upgraded Apple Today: Analyst)
As Apple's cash pile has grown, the tech giant has come under increasing pressure from shareholders to find a way to distribute the money.
In late February, at Apple's annual shareholder meeting, CEO Tim Cook said the company is "seriously considering" returning cash to shareholders, but the company has not confirmed any specific plans.